We’ve all heard that global trade builds wealth, but how? In this lecture we’ll talk about absolute advantage and comparative advantage.
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Here are some timestamps so you can jump ahead to what you need most:
0:00 Start
0:34 Why trade with other countries?
1:02 Mercantilism
3:19 Absolute Advantage
4:04 Comparative Advantage
4:52 Opportunity Cost
6:14 Absolute Advantage vs Comparative Advantage
15:17 Outsourcing and Offshoring
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Here are some links to other videos in this series:
⏩ Next video in the series: https://youtu.be/brxOTQBLg2A
⏪ Previous video in the series: https://www.youtube.com/watch?v=PAR5Isb46NE
⏮ First video in the series: https://www.youtube.com/watch?v=e6ksNxzHAbw&t=192s
️ The series playlist: https://www.youtube.com/playlist?list=PLHPrTtF9UV1IxnJZrrDMfIwWRw4BTfVuj
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Check out my other YouTube channels!
️ Nutshell Studio Productions: https://www.youtube.com/channel/UCKGbr6t1NbSSXCNrSAttrgg
️ Lon’s Personal Vlog: https://www.youtube.com/channel/UC9xRi95S2yyB2vzF3k3O7VA
️ Rattling Around the Garage: https://www.youtube.com/channel/UCZvZJ8br54UDkE7VxwK_vtA
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Let’s connect!
Website: https://nutshellbrainery.com/
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Patreon: https://www.patreon.com/Nutshellbrainery
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APA 7 Citation:
Schiffbauer, L. W. [Nutshell Brainery]. (2021, April 22). How does global trade build wealth? [Video]. YouTube. https://youtu.be/Rjzfiz9tV3Y